Contradictions of the institutional and economic environment of the development of new market countries: the experience of Kazakhstan

Abstract

The current cyclical transition, complicated by the COVID–19 pandemic, has revealed weak links in the economies of many countries, caused by systemic contradictions accumulated over 30 years. Kazakhstan, as a country that has been building market relations only since the end of the 20th century, found itself in the grip of not only economic and political, but also institutional costs. One of the problems hindering the economic development of the nation is the contradictions between the political ambitions of the authorities and the real results of the implementation ofstate programs, the loss of public trust. The purpose of the study isto assessthe quality of economic growth in Kazakhstan. An attempt is made to provide an analysis of the institutional and economic environment and an econometric assessment of the real indicators of the country's development. The methodological basis was the scientific heritage in this area and new theoretical and methodological approaches of modern scientists in the study of issues of socio-economic development. The object of the research is economic development of Kazakhstan. Research results: based on the historical and logical analysis of theoretical and methodological approaches to the study of economic development and the constructed regression model of panel data, it is shown that an increase in the level of indicators selected in official statistics has a small effect on economic growth, that is, there is a discrepancy between the target indicators of state programs and actual results. Revealed the institutional features of Kazakhstan's development model that cause economic lag.